Small Business IQ
can help you decide to start a business can be one of the most exhilarating decisions you make in your life. We are living in a world wherever everyone wants to make extra money and add to his income. Most people have achieved this by acquiring great business ideas. When one starts up a company, he must be ready to meet the competition.
With tips like:
Tip 1: Get inspired & Love your idea
Every business begins with an idea you may have imagined of opening your own business for years, or motivation may have hit you suddenly. The first step when starting your own business is coming up with an idea.
Tip 2: Do Your Research / learn everything about the business
You've recognized your big idea, and now it's time to balance it with reality. Are you indeed ready to start a business? Answer the questions below and see what you need to prepare yourself for business.
• Is there a need for your anticipated services or products?
• Who needs it?
• Are there other companies offering similar services or products right now?
• How is the competition?
• Can or how will your business fit into the market?
Tip 3: Make a Business Plan
You need a business plan to make your business idea a reality. If you expect to seek financial support from an investor or financial organization, a
business plan is a must.
Even if you don't need monetary support, a business plan can give you direction about what you hope to accomplish and how you plan to do it.
Tip 4: Planning Finances
There are several methods you can fund your small business:
• Small business grants
• By Financing
• Small business loans
• Angel investors
You can also get your business off the ground by bootstrapping, using as little capital as necessary to start your business.
Tip 5: Business Structure
Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business structure you choose will impact many factors, from your business name to liability and how you file your taxes.
You can choose an initial business structure, and with time re-evaluate and change your structure as your business grows and needs to be replaced.
Tip 6: The Business Name
The name you choose plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the possible consequences as you explore your options and select your business name.
Once you have selected a name, there is the need to check if it's trademarked, currently in use, and if stills free, you will need to register it. An individual proprietor must register their business name with either their state or county clerk. Corporations, LLC, or limited corporations usually register their business name when the creation paperwork is filed.
These days you need to have a website, so please don't forget to register your domain name once you have selected your business name. The best domains and more valuable online are the ones ending with .com.
Tip 7: Licenses and Permits
There is a range of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are placed. You will need to inquiry what licenses and permits apply to your business during the initial process.
Tip 8: The Business Location
Setting up your place to work is essential for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location. You will need to reflect on your place, equipment, and overall setup, and make sure your business place works for the kind of business you will be doing.
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